Tag Archives: Paschal Donohoe

Finance Minister Paschal Donohoe

Fiona Reddan, in The Irish Times, reports:

On the back of rising incomes, Revenue estimates that more than 28,000 earners will start paying income tax, at the standard rate of 20 per cent, for the first time in January 2020, unless Mr Donohoe widens the bands on October 8th.

Similarly, a further 26,800 taxpayers would be pushed into the 40 per cent tax bracket next year, unless bands are similarly widened. This would result in an increase in the proportion of taxpayers paying tax at the higher rate, up from 21 per cent in 2019 to 22 per cent in 2020.

…On the USC, Revenue estimates suggest that 18,700 people would pay the top rate of 8 per cent next year, while 39,300 would be pushed from the 2 per cent rate to the 4.5 per cent rate. In addition, some 1,100 taxpayers will start paying USC for the first time.

More than 100,000 set to pay more income tax (Fiona Reddan, The Irish Times)

Rollingnews

From top: Larry Goodman at Dublin Castle for the Beef Tribunal in 1991; Solidarity–People Before Profit TD Paul Murphy, Finance Minister Paschal Donohoe

Yesterday.

During a meeting of the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach.

Solidarity–People Before Profit TD Paul Murphy asked Finance Minister Paschal Donohoe about a story which appeared in The Irish Times yesterday concerning the Goodman Group established by Larry Goodman,

Journalist Colm Keena reported that nine companies in the group made a profit of €170 million last year and had assets worth more than €3.45 billion – with the “bulk of the profits” booked in Luxembourg and “largely untaxed”.

Mr Goodman was at the centre of the Beef Tribunal in 1991, where it was eventually revealed that, under the then Fianna Fáil government between 1987 and 1989, his companies benefited from financial concessions, special arrangements and a change in the tax law to protect their income.

Mr Murphy and the minster had this exchange yesterday:

Paul Murphy: “In the papers today is the Goodman Group making a profit of €170million last year reportedly and paying, effectively, zero taxes through filing accounts in Luxembourg.

“The double taxation agreement that appears to still be operative with Luxembourg is from 1972 so it was written, it was agreed a couple of years after the one with the Netherlands. Is that an agreement you’re looking at revising or adjusting or think that, certainly from this vantage point, it would seem to be a problem if someone can make, or a corporation can make such amount of profits and be enabled effectively to pay zero tax on it.”

Paschal Donohoe: “So, as I said in relation to another question earlier on [from Labour TD Joan Burton], I’m not going to comment on the tax affairs of any particular company or individual.

“But in answer to your other question, in relation to our DTA [Double Taxation Agreement] between Ireland and Luxembourg, we will be updating that via use of the multi-lateral convention.”

Watch back in full here 

Nine Goodman companies made largely untaxed profit of €170m (Colm Keena, The Irish Times)

Top pic: Eamonn Farrell/Rollingnews

Yikes.

Earlier today.

The Dáil was suspended when Kerry Independent TD Michael Healy-Rae claimed Fine Gael Minister for Finance Paschal Donohoe told a “lie” and that he wasn’t asked to join Government in 2016.

The row took place during a discussion about the tourism VAT rate.

Healy-Rae denies being asked to join Government: ‘I was not asked to dance’ (Marie O’Halloran, The Irish Times)

Minister for Finance Paschal Donohoe at the Harvard Kennedy School and Irish Tax Institute’s Global Tax Policy Conference at Dublin Castle

Serious reservations have been expressed by Minister for Finance Paschal Donohoe over a move amongst some OECD members to advocate a minimum effective corporate tax rate.

Speaking at that Irish Tax Institute Global Tax conference, Mr Donohoe noted that the proposal for a minimum rate, which could range between 15 and 18 per cent, was problematic.

Paschal Donohoe concerned over OECD move to minimum corporate tax rate (Peter Hamilton, The Irish Times)

Leah Farrell/Rollingnews

UL Student Life tweetz:

Is Direct Provision Apart Of Ireland 2040?

Our Student Officers organised a silent demonstration against the direct provision system today to greet An Taoiseach @leovaradkar & Minister for Finance, Public Expenditure and Reform @Paschald

Students wore duct tape on their mouths to symbolise those that live in direct provision’s fear in speaking up in case it would negatively affect their asylum application.

Meanwhile, inside the university…

Junior Housing Minister Damien English’s planned speech can be read here

Yesterday: You Are Cordially Invited

Minister for Finance, Public Expenditure and Reform Paschal O Donohue TD and Chief Economist John Mcarthy presenting revised macroeconomic and fiscal forecasts for the period 2019-2023

This afternoon.

Government Buildings, Dublin 2

The revisions reflect a deterioration in the main markets that Irish firms export to, particularly the UK due in large part to Brexit uncertainty and the euro area where the economic cycle has peaked sooner-than-expected.

It also points to a softening in US growth in the short-term as the impact of fiscal stimulus there fades.

Some domestic indicators have also moderated in recent months, it says.

Government cuts economic growth forecast for this year (RTÉ)

Sam Boal/RollingNews

Stop that.

This afternoon.

Government Buildings, Dublin 2

Minister for Finance and Public Expenditure and Reform, Paschal Donohoe, and Minister for Employment Affairs and Social Protection, Regina Doherty with Minister of State at the Department of Public Expenditure and Reform with special responsibility for the Office of Public Works and Flood Relief, Kevin Boxer Moran (top left) speaking to the media following the publication of the Labour Force Survey (LFS) data by the CSO show “continued momentum” in the labour market.

Leah Farrell/RollingNews

From top: Minister for Finance Paschal Donohoe; Latest family homless figures

Yesterday evening.

The Department of Housing published the homeless figures for October.

They show there were 5,999 adults, 1,709 families and 3,725 children – a total of 9,724 individuals – staying in State-funded emergency accommodation in the final week of October.

In September, there were 5,869 adults, 1,753 families and 3,829 children – a total of 9,698 individuals.

This means the number of adults accessing emergency accommodation has increased by 133, the number of families has decreased by 44 and the number of children has also decreased by 104.

The official Department of Housing homeless figures do not include the number of people who are sleeping rough across Ireland.

This morning.

On RTÉ’s Morning Ireland…

Minister for Finance Paschal Donohoe was asked about the latest homeless figures and he said they represented “a great personal challenge” for everyone in Government and it’s something they know “they need to do better on and we challenge ourselves every day to see how we can do it”.

He added:

“I know what the new figures are for the number of people who are homeless. I’m aware of the fact that we’re above 10,000. As against that, we have additional money going this year into our homeless hubs, homeless services and, next year, we’ll be spending the highest amount we ever have on housing.

“We are seeing more homes being built, we’ll deliver around 18,000 to 19,000 homes this year and I’ve made available a further €60million towards the end of this year to invest in services. It’s something that is a really solemn responsibility for us all on, to do better on and we’re working to do that.”

Listen back in full here

Rollingnews

This afternoon.

At Government Buildings.

Minister for Finance Paschal Donohoe poses with his Budget 2019.

Mr Donohoe will deliver his budget to the Dáil at 1pm.

Sam Boal/Rollingnews

UPDATE:

He can be watched live in the video link above.

UPDATE:

Earlier: Derek Mooney: No Budget Surprises Anymore